Fantom Rebrands to Sonic: Can FTM Surge to $1?

Fantom Rebrands to Sonic: Can FTM Surge to $1?
as9

Why Did Fantom (FTM) Rebrand to Sonic (S)?

Fantom, now known as Sonic, underwent the rebrand to shift its market position and enhance community involvement. The goal of this change is to introduce new features to its ecosystem, improving the usability and demand for the Sonic token (formerly FTM). This move is expected to help the project gain more attention and adoption in a competitive blockchain market.

Despite the rebranding, the price of Sonic will still be largely influenced by broader crypto market sentiment and the level of adoption within the blockchain space. As the crypto market increasingly focuses on compliance and regulatory issues, the success of Sonic’s shift in identity will depend on its ability to attract new users and developers.

Fantom (Sonic) Price Displays Increased Volatility

As of now, the Sonic (FTM) price has remained above the $0.70 mark, with an intraday trading volume of $7.556 million. The project currently holds a market capitalization of $2.052 billion, securing the 56th position in the global cryptocurrency rankings.

In addition, Sonic (formerly Fantom) has already surpassed the $100 million milestone in Total Value Locked (TVL). This growth signifies an increase in its speed and connectivity, making it a strong competitor in the blockchain ecosystem.

Sonic (FTM) Technical Sentiments

From a technical perspective, the Simple Moving Average (SMA) is showing signs of a bullish crossover in the daily time frame. This suggests a positive outlook for Sonic in the near future.

Furthermore, the Relative Strength Index (RSI) is consistently rising towards the midpoint, with the average trendline acting as support. This indicates that the price of Sonic (FTM) could continue gaining momentum in the coming days, possibly signaling the start of a price rally.

What Lies Ahead for Sonic (FTM) Price?

If the bulls regain momentum, Sonic’s price could potentially reclaim the $0.80 mark. Holding above this level could pave the way for a push toward the key resistance level of $1, which has been a significant psychological barrier for the coin.

However, if the broader crypto market turns bearish, Sonic’s price might revisit its support level of $0.70. If the bulls fail to regain control at this point, the price could dip further, potentially testing the $0.65 level within the month.

Conclusion

The rebranding of Fantom to Sonic has certainly increased social sentiment, providing a potential catalyst for future growth. Despite a recent price drop, the positive technical indicators suggest that Sonic (FTM) could experience a bullish reversal, with the $1 mark in sight if the market conditions improve. Investors should keep a close eye on the price action and the broader market trends, as the next few weeks could determine whether Sonic can reclaim its former highs.